Car Makers Inc. has two producing departments-fabricating and assembly. The data at the top of page 980
Question:
Car Makers Inc. has two producing departments-fabricating and assembly. The data at the top of page 980 is from the firm's records for the month of May 2016. There were no beginning inventories.
INSTRUCTIONS
1. In general journal form, record the flow of costs that follow. Date all entries May 31, 2016:
a. The issuance of materials to each department
b. The producing department's monthly payroll taxes withheld: social security, $4,770.28;
Medicare, $1,115.62; federal income tax, $11,541.00
c. The distribution of manufacturing overhead to each department
2. Prepare equivalent production computations for each department.
3. Prepare a cost of production report for each department.
4. Record the following in general journal form:
a. The transfer of goods from fabricating to assembly
b. The transfer of completed goods from the assembly department to the finished goods storeroom
c. Sales on credit for $270,000; cost of goods sold, $125,000
Analyze:
What is the balance of the Work in Process account for the fabricating department on May 31?
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Step by Step Answer:
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina